first mortgage
noun
: a mortgage that has priority as a lien over all mortgages and liens except those imposed by law
Examples of first mortgage in a Sentence
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Such a law would allow the holders of first mortgages to stop worrying.
—
Joshua Stein, Forbes, 20 Sep. 2024
Even if the first mortgage expressly states that it might be amended later without loss of priority, a conservative first lender and its conservative counsel will still worry about potential loss of priority to junior-priority liens.
—Joshua Stein, Forbes, 20 Sep. 2024
Prepayment penalty: Citibank does not charge prepayment fees on first mortgages.
—Kelsey Neubauer, CNBC, 23 July 2024
This was afforded by what's known as a piggyback mortgage, or an 80/20 mortgage system, where the first mortgage accounted for 80% of the debt and the second absorbed the leftover 20%.
—Aksha Mittapalli, Better Homes & Gardens, 12 July 2024
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Joshua Stein, Forbes, 20 Sep. 2024
Even if the first mortgage expressly states that it might be amended later without loss of priority, a conservative first lender and its conservative counsel will still worry about potential loss of priority to junior-priority liens.
—Joshua Stein, Forbes, 20 Sep. 2024
Prepayment penalty: Citibank does not charge prepayment fees on first mortgages.
—Kelsey Neubauer, CNBC, 23 July 2024
This was afforded by what's known as a piggyback mortgage, or an 80/20 mortgage system, where the first mortgage accounted for 80% of the debt and the second absorbed the leftover 20%.
—Aksha Mittapalli, Better Homes & Gardens, 12 July 2024
See all Example Sentences for first mortgage
Dictionary Entries Near first mortgage
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“First mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/first%20mortgage. Accessed 21 Nov. 2024.
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